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Samsung: Note 7 debacle will cost $3 billion in lost sales

Samsung announced its Galaxy Note 7 recall will cost the company about $3 billion (3.5 trillion won) in operating profit due to discontinued sales. It expects most of the lost sales (about $2.2 billion) to hit the bottom line next quarter, and the remainder in the first quarter of 2017. The South Korean company halted production and global sales of its Note 7 phone Monday after weeks of reports that the device would overheat and catch fire.
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